Ind-Ra sees EVs reaching 10–12% of India vehicle sales by FY27
India Ratings and Research expects EV penetration to rise from 8.5% last year, led by electric two- and three-wheelers. Passenger EV penetration is projected at 6–8%, while electric buses could reach 6–8% of sales in FY27.
Ind-Ra forecasts India’s EV penetration will rise to 10-12% of vehicle sales in FY27, led by electric two- and three-wheelers. Passenger EV and e-bus adoption is also expected to grow, supported by model launches, operating economics and government procurement.
Why this matters
No related recent Ind-Ra signals were provided, making the FY27 EV penetration forecast a standalone update rather than part of a documented recent pattern.
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